The estranged Indian partner of McDonald's, Vikram Bakshi, on Thursday offered buying out the US food major's stake in their joint venture Connaught Plaza Restaurants.
However, this was subject to conditions like substantial ownership and effective control of the airline being vested in Indian nationals.
The government will undertake a detailed evaluation of applications it has received in response to the mega semiconductor scheme and expects to complete the entire process and sign agreements with companies in next 8-10 months, according to Union Minister for Electronics and IT Ashwini Vaishnaw. Vaishnaw said he is happy with the response that came in within a short period of time, when the ministry invited applications under the Rs 76,000 crore semiconductor programme. The government is confident of seeing one of the big global players in semiconductor industry coming in the next round, Vaishnaw told PTI in an interview. He asserted that many other players too are "seriously evaluating" India's semiconductor programme, and that the ministry is in discussions with several companies.
The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production. Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips forms a crucial part of electronics. Outlining the details of the scheme, he said the Rs 76,000 crore programme has been approved for the development of semiconductors and display manufacturing ecosystem.
TV18 and Viacom18 on Tuesday announced a 50:50 joint venture, IndiaCast, to create a platform to distribute nearly 57 channels.
The Tata group on Wednesday said it is not holding any talks for a joint venture with Brazilian aircraft manufacturer Embraer.
Both Vistara and AirAsia India, along with their partners, are quietly putting together an aggressive plan to become a formidable force in the skies. At the core of this new push is their plan to go international this financial year.
Tata Motors owned Land Rover is likely to be manufactured in China, through a joint venture with Chinese automobile major Chery Automobile Co Ltd, and is awaiting final clearance, a report said.
As part of the agreement, McDonald's has acquired 50 per cent voting equity shares in Connaught Plaza Restaurants, held by Bakshi and his affiliated entity since inception.
The two sides had formed the joint venture to produce the supersonic cruise missiles in 1998 and since then, all three wings of the Indian armed forces have ordered BrahMos for their inventory but the Russian side is yet to do so.
The government on Monday signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Earlier this month, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of the salt-to-software conglomerate, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. Following that, on October 11 a Letter of Intenet (LoI) was issued to the Tata Group confirming the government's willingness to sell its 100 per cent stake in the airline.
The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha.
'She was the unanimous choice of the search-cum-selection committee.'
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
The BrahMos supersonic cruise missile is the world's fastest operational system in its class and recently the DRDO has extended the range of the missile system from the existing 298 km to around 450 km.
The OVL-Mittal joint venture had also bagged two blocks in Nigerian deepwater, OPL 279, in which OMEL has 40 per cent stake, and OPL 285, in which the company owns 60 per cent, the other partners being French oil major Total, and Nigerian EMO. The Turkmenistan block covers an area of 5,663 sq km and is located close to discovered and producing fields.
Aditya Birla flagship Hindalco Industries on Monday said it has entered into a joint venture with Mahanadi Coal Ltd (MCL) and Neyveli Lignite Corporation (NLC) for carrying out mining activities.
"The company has entered into a joint venture with Starbucks group whereby, the newly formed joint venture company Tata Starbucks Ltd shall engage in the operation of Starbucks Cafes."
The joint venture agreement is likely to be signed before the end of the current year and once that is done, tendering for the plant and machinery will follow, he said, adding this might take place before the end of the current fiscal.
The companies are in talks with Shell, Petronet LNG to book capacity
GE Money and international mortgage player Wizard announced on Thursday a joint venture 'Wizard Home Loans' that will offer 9.99 per cent interest rate on home loans to consumers. The prevailing market rate for is between 11 per cent and 12 per cent.
India's latest bid round for 21 oil and gas blocks attracted just three bidders, two of whom were state-owned explorers Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL), according to upstream regulator DGH. As many as 21 blocks or areas were offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) Bid Round-VI, for which bidding closed on October 6. Besides ONGC and OIL, Sun Petrochemicals was the only other company to have bid, according to 'Summary of Bids Received Against Offered Blocks' posted by the Directorate General of Hydrocarbons (DGH).
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
RInfra, which is sitting on a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce debt.
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.
This will help DLF cut its debt of Rs 22,519 crore.
The fresh negotiations with Israeli authorities concerned for procurement of the two Phalcon AWACS come in the midst of India's bitter border row with China in high-altitude eastern Ladakh.
In a landmark deal announced in Mumbai, Star Den Media Services Pvt Ltd and Zee Turner Ltd will form a joint venture to combine distribution of their respective channel bouquets in India.
Japanese firm Mitsubishi Heavy Industries on Friday said it will set up a manufacturing plant in Mysore to manufacture small size diesel engines, in joint venture with city-based VST Tillers Tractors Ltd.
Dr Reddy's Laboratories today said it will form a joint venture with Fujifilm Corporation to develop, manufacture and market generic drugs in Japan.
Raymond's subsidiary Ring Plus Aqua Ltd, signed the joint venture agreement with AJ Rose for the facility that would manufacture sheet metal components, the company informed the Bombay Stock Exchange.
Mumbai International Airport Ltd (MIAL), the private airport operator, had earlier announced that all operations at the CSMIA will remain suspended between 2.30 pm and 7 pm as a precautionary measure in view of the cyclone Nisarga.
Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 electric vehicle (EV) charging stations over the next 3-5 years to support the nation's target to reduce its carbon intensity and reach net zero emissions by 2070. IOC, the country's largest state-controlled refiner by capacity, will set up EV charging facilities at 10,000 fuel outlets over the next three years, chairman Shrikant Madhav Vaidya said. Bharat Petroleum Corporation Ltd (BPCL) said it will set up 7,000 stations over the next five years while Hindustan Petroleum Corporation Ltd (HPCL) has plans for 5,000 stations.
BrahMos Aerospace, an India-Russia joint venture, produces the supersonic cruise missile that can be launched from submarines, ships, aircraft, or from land platforms.
The MRSAM is amongst the most lethal surface-to-air missiles in service anywhere.
The government in January restarted the divestment process of Air India and invited bids for selling 100 per cent of its equity in the state-owned airline, including Air India's 100 per cent shareholding in AI Express Limited and 50 per cent in Air India SATS Airport Services Private Ltd.
India was among the top-five economies with the largest general government capital stock level, said, in 2015, an International Monetary Fund report called "Making Public Investment More Efficient". The report fuelled a debate on countries sitting on piles of cash that could be used better. India was believed to have public assets worth $4.5 trillion. The report urged countries to start asset recycling. Six years after the report, Australia's success in asset recycling has turned India into a believer; despite doing averagely in its previous efforts on roads, railways or meeting its divestment targets.
An equal joint venture agreement between state-run SAIL and South Korean major Posco is likely to be inked during Steel Minister Beni Prasad Verma's proposed visit to Korea starting November 5.
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